Angelina Italian Bistro in the Madison Building is closing, as rising Detroit rents make it difficult to offer quality food at reasonable prices, co-owner Tom Agosta announced Monday.

The restaurant has reached an agreement to end its lease with landlord Bedrock LLC at the building near Grand Circus Park, Agosta said. Its last day of service will be Dec. 10.

"We wanted to move to a different location and ... when we began to look, there really wasn't a lot available for us to continue to do what we do, with the higher rents" and in an increasingly saturated restaurant market in downtown Detroit, he said.

"I don't really know how that's going to be sustained," he added.

The Italian restaurant may yet reopen, Agosta said, but it wouldn't be for another year or so. He added that he is also looking at collaborating with other restaurants that share Angelina's ideals on quality and price, like Cass Cafe or Motor City Brewing Works, both in Midtown.

"We're not going to go back into it if we have to be a high-end restaurant ... that's not what we want," Agosta said. "We really haven't nailed anything down yet."

Agosta has previously spoken out against Dan Gilbert-owned Bedrock, telling the Detroit Free Press that the Detroit-based real estate company had unfairly raised the restaurant's rent.

He told Crain's on Friday that the bistro was happy with the agreement it reached with Bedrock to end the lease and that a "successful mediation" had occurred.

Bedrock aims to "find another dining establishment for the space that will complement the neighborhood and serve the area as it continues to grow," Bedrock CEO Jim Ketai said in an emailed statement. "We’re grateful to all of our long-term tenants for the contributions they’ve made downtown and Angelina’s is no exception."